In the week opening, Indian billet market reported sharp surge in prices by INR 100-700/MT (up to USD 10.5) and the major rise seen in Chennai by INR 700/MT while most of markets in Central & East regions registered price hike of INR 200-400/MT. As per participants, billet prices continue to support in line with shortage of ready stock owing to seasonal low productions & active demand.
However as per assessment Sponge prices remained marginally fluctuates by INR 100/MT (day-on-day) over limited inquiries due to power shortage specifically in Central region this has led to low consumption for Sponge iron.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 36,000-39,600/MT (USD 534-588) ex-plant. Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,700-21,800/MT (USD 307-324); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 28th May 2018 (Monday) INR to USD exchange rate stood at INR 67.42
— BSE Sensex closed at 35,165(+240) on Monday, as against last day (Friday) at 34,924(+261)
Raw material
— Chennai based billet manufacturer have recently booked 20 ft containerized Turning scrap at USD 335/MT, 20-22+/- MT loading from Thailand as per sources.
Semi finished
— Jindal Steel offering – Pooled iron at INR 28,500/MT & Granulated Pig iron (Panther shots) at INR 29,500/MT ex-plant, Odisha. The company also offering steel grade Pig iron from its Raigarh unit at INR 30,500/MT ex-plant.
— Girdih based Atibir Industries, a Pig iron producer has kept offers firm amid average inquiries. The steel grade trades are reported at INR 31,000/MT ex-plant & excluding GST. While few deals concluded at INR 30500/MT in bulk quantity purchase.
— Neo Metaliks in Durgapur – West Bengal has kept offers unaltered for Pig iron and are assessed at INR 31,000-31,200/MT(steel grade) ex-plant & Foundry grade at INR 33,700-800/MT, ex-plant.
— As per a Central India – Raipur based big plant, he has sold about 3,000-4,000 Sponge P-DRI at Rs 19,500/MT in local market.
— Rashmi Metaliks based in Durgapur has raised sponge P-DRI prices by INR 100/MT and offered at INR 20,300/MT, sources reported.
— Officials from Odisha based Mahavir Ferro Alloys reported Billet deals for local market at around INR 36,300/MT and have raised prices after that to INR 36,500/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 21,000/MT & billet at INR 36,100/MT ex-plant. As per officials, trade activities average at the offer prices.
— Govindam Sponge, an Odisha based plant offered FeM 80 sponge mix material at INR 20,900/MT & fines at INR 20,500/MT ex-plant; trade activities are firm at these offers.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offering FeM 80 P-DRI lumps at INR 19,800-19,900/MT ex-Bellary, Karnataka.
— Apple Industries in Bellary (Karnataka) offered Sponge FeM 85+ C-DRI lump at INR 22,200/MT & Billet at INR 35,800-35,900/MT ex-plant.
— BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,500/MT & INR 20,900/MT ex-plant, Karnataka, trade activities are weak at these offers; an official reported.
Finish Long
— North Region based Rathi Steels have unchanged their prices d-o-d basis and offering Rebars at INR 45,100/MT, size – 12 mm & excluding 18% GST.
— Jalna based rebar manufacturer – SRJ Peety Steels Pvt Ltd branding Shree Om TMT unchanged their offers and offering basic Rebar at INR 39,200/MT, ex-work & excluding GST.
— Mumbai, Maharashtra based Guardian TMT has decreased their Rebar prices by around INR 200/MT d-o-d basis & current offering 12 mm at INR 40,600/MT ex-plant & excluding GST.
— East Region Based – Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 mm at INR 41,500/MT & Rebars at INR 40,500/MT ex-work & excluding GST. As per official conversation inventory level is maintaining on average basis and no major pile up has been noticed yet.
— Shakti Ferro Alloys in Chennai, South Region has offered Rebar at INR 41,000/MT (12 mm) & Billet at INR 36,500/MT with immediate payment term, ex-work & excluding GST. As per official conversation demand is inappropriate & no major volume has been done in past week.
Reference prices as on 28th May 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Chennai | HMS(80:20) | 26,700 | 26,600 | 26,800 | 0 | 26,600 | 26,300 |
| Ex-Mumbai | HMS(80:20) | 27,400 | 27,300 | 27,500 | 0 | 27,600 | 26,500 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 21,750 | 21,700 | 21,800 | + 50 | 21,700 | 22,900 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,800 | 20,700 | 20,900 | 0 | 20,800 | 21,200 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,750 | 21,700 | 21,800 | – 50 | 21,750 | 22,300 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,700 | 20,500 | 20,800 | – 100 | 20,200 | 19,700 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 20,300 | 20,200 | 20,400 | + 100 | 20,300 | 21,500 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,550 | 19,500 | 19,600 | – 50 | 19,600 | 19,950 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | 0 | 19,300 | 18,900 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,500 | 20,400 | 20,600 | 0 | 20,000 | 19,700 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 39,100 | 39,000 | 39,200 | + 400 | 39,000 | 38,500 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 36,200 | 36,100 | 36,300 | + 300 | 35,700 | 36,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 35,800 | 35,700 | 36,000 | + 200 | 34,700 | 35,100 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 36,050 | 36,000 | 36,100 | + 250 | 35,000 | 35,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 36,600 | 36,500 | 36,700 | + 100 | 36,000 | 36,600 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 36,100 | 36,000 | 36,500 | + 700 | 35,500 | 36,500 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 35,700 | 35,600 | 35,800 | 0 | 35,500 | 35,700 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 39,900 | 39,800 | 40,100 | + 400 | 39,500 | 39,200 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 36,800 | 36,700 | 36,900 | + 200 | 36,300 | 36,900 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 36,300 | 36,200 | 36,500 | + 200 | 35,300 | 35,600 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 37,100 | 37,000 | 37,200 | + 200 | 36,200 | 36,000 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 36,950 | 36,900 | 37,000 | – 100 | 36,500 | 36,800 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 36,600 | 36,500 | 37,000 | + 700 | 36,000 | 37,000 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 36,000 | 35,900 | 36,100 | 0 | 35,750 | 36,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 43,800 | 43,600 | 44,000 | 0 | 41,800 | 41,600 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 41,300 | 41,100 | 41,500 | + 100 | 40,800 | 41,000 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 41,200 | 41,000 | 41,400 | + 200 | 40,000 | 39,700 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 40,600 | 40,200 | 40,700 | – 200 | 40,400 | 40,600 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 41,000 | 40,700 | 41,200 | + 300 | 40,800 | 41,000 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 40,500 | 40,300 | 40,700 | 0 | 40,000 | 40,500 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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